“At the 2018 Women in the World Summit in New York on Friday, the rock-star trio of UBS global wealth manager Paula Polito, high-profile family law attorney Laura Wasser, and noted journalist and behavioral economist Carmen Rita Wong gathered to discuss money, women and the unnecessarily complicated relationship between the two.”
“Television personality and advice columnist Rita’s debut novel reads a bit like a multicultural edition of Sex and the City. The four friends, all gorgeous, sassy, and independent, anchor Latina culture in multiple ethnicities: Mexican-American, Venezuelan-American, Puerto Rican, and Dominican–African-American…. Brimming with smart dialogue and ricocheting plot twists…ripe for a screenplay. Just in time for a beach read—or a guilty pleasure in a deserted boardroom.”
Carmen was Tai Life’s Muse of the Day recently, sharing her pivotal life moments and sources of inspiration, as well as her wardrobe and vanity favorites.
Carmen Wong Ulrich, host of CNBC’s “On the Money” answered your personal finance questions and offered advice on how to keep from falling behind in turbulent economic times.
Read the full Q&A session here.
Financial literacy is crucial to home, work, and health, and the working poor are affected more than anyone. How can we improve financial literacy for everyone?
Could Kevin Bacon be the best actor to play the movie version of President Obama? Melissa Harris-Perry attempts to make the politics behind the sequester both understandable and if at all possible, fun.
Russ Mitchell and Rebecca Jarvis discuss ways to become a professional success with CBS News financial contributor Carmen Wong Ulrich.
Personal finance expert Carmen Wong Ulrich explains how parents can save money faster by setting up a 529 account where money will accumulate tax free.
Boy, do we stink. At buying cars, that is. Even though women influence more than 85 percent of auto purchases, we still fear the deed. And financing? Oy. What about trade-ins? Ack! How can someone who approaches bargain shopping a Cole Haan bag with the focus and tenacity of a ninja be reduced to tears in the car dealer lot? This is how: Car shopping has been a “man’s” world for too long—dealers can be openly hostile to women (see my tough sister broken by salesmen scoffing at her budget, or my other sister dragging our brother along to the dealer as a “shield”). Car buying can also be labor intensive—there’s researching makes, models, MSRPs and more. (Like we need more labor!)
Let me break it down for you in five easy steps, because no woman should ever again be reduced to a mass of insecurity and anxiety at the dealership or have to worry about her wallet getting wormed:
Avoid men. That’s right. But how? Do your haggling online where Dealer Dan doesn’t know your gender, and where you feel confident knowing there doesn’t need to be a face-off until after you agree on a price, hit “print” and carry that paper (with a record of your agreed price) to the lot. Go to sites like Edmunds.com or directly to AutoTrader.com where dealers list their wares. Nearly all listings include email contact information. Of course, if you’re buying a used car, before you’re ready to agree to the price, make sure you run the vehicle identification number (VIN) through a site like CarMax.com so you can make sure there has been no big accident damage repair and/or flood or fire damage. You’ll want to test drive the car or truck and will therefore have to meet the dealer, but with an agreed-upon price on hand, at least you can decide whether to buy and drive or walk away.
Go “vintage.” Yes, new cars are pretty and shiny and smell good. Is that worth $10,000-plus to you? Keep those thousands of dollars in your pocket and go for a certified pre-owned (CPO) car. A CPO can have as few as a couple hundred miles to thousands, but it will also have updated warrantees and manufacturer backing, and will have been put back into shiny new condition. It’s amazing, but the same amount of money can get you a brand-new Mazda 3 or a three-year-old CPO BMW. I love Mazdas, but for the same money, I’ll take the Bimmer.
Separate the deals. There are three potential negotiations that can take place when getting a car: the price of the car, financing and the trade-in. Negotiate each separately. Don’t let a dealer bundle all three or say that because you got a deal on the financing, you shouldn’t get a deal on the car. Take each deal one at a time. Now, you may not be able to talk a dealer down on all three, but two out of three ain’t bad.
Consider what matters to you. It’s no secret that you’ll make more money selling your old car privately than if you trade it in at the dealer. For example, you could get $7,000 for your 2004 Subaru Outback if you sell it to your neighbor, but the dealer may only give you $5,500 for it. So why trade it with the dealer? Because private sales can take time and can be sticky. Ask yourself what the difference is worth to you.
Finance with fervor. If you have great credit, meaning a credit score at or above 760 (find out yours at MyFico.com —even though it will cost you to get your scores, it’s worth it), you will qualify for the best rates listed. Head to Bankrate.com for the auto rates at your location, and then use the site’s free search to find who’s offering what in your area. Some auto dealers can be honest and give you that “0% financing” that their ads tout, but many tack on a percentage or more for their own benefit. If you don’t like what the dealer offers, you can go online or to a community bank or credit union, get approved and have the funds on hand in 24 hours.
So, throw out a She-Ra “Hooo!” and get out there, ladies! Keep more of your money in your bank account, and most of all, enjoy your ride.
There is no one too young, too old, too rich or too poor that can’t benefit from the tips that Carmen Wong Ulrich offers in this video (and in her new book!). There are things everyone should do to prepare for worst case scenarios from having 4-6 months living expenses in the bank, to life insurance & lots of other ideas from Carmen!Check out her website and her new book.